Finnish AI startup ConfidentialMind raises €1.5M in a pre-seed funding

ConfidentialMind, an Espoo-based generative AI software startup has raised €1.5 million in a pre-seed funding round to revolutionize how enterprises and governments deploy generative AI applications. The funding round was led by Failup Ventures, with participation from Angel CoFund.

About ConfidentialMind

  • Founded in 2023 by Markku Räsänen (CEO), Severi Tikkala (CTO), and Esko Vähämäki (Chief Architect), ConfidentialMind is a startup building a generative AI platform for on-premises and private cloud environments. The startup claims, its standalone microservices gen AI software infrastructure stack enables customers to deploy and develop complex gen AI systems on valuable data.
  • ConfidentialMind’s technology supports various data types and sources, facilitating the creation of complex pipelines, closed-loop internal co-pilots, and process automations without the need for extensive bespoke engineering work. The startup’s platform aims to become an essential tool for enterprises and governments maintaining control over their sensitive data.

The systems that enable AI in data centers are traditionally difficult to build and maintain. We make development and deployment of generative AI models and applications in enterprise and government data centers as easy, or in some cases even easier, than in the cloud,

Markku Räsänen, CEO and co-founder of ConfidentialMind, said.

Investment details

  • The fresh investment is a combination of equity funding and a loan from the Finnish Government. It was spearheaded by Failup Ventures, a Finnish-American venture capital fund based in New York and Helsinki. The fund invests in early-stage startups, its typical initial investment is $200,000 – $1 million.
  • The Angel CoFund, managed by Innovestor and Founder’s Edge, and several angel investors including Ilkka HiidenheimoJonathan Scudder, Daniel Fried, also participated in the financing

Thanks to the fresh capital injection, ConfidentialMind plans to expand its sales, marketing, and engineering teams across Europe. As the startup continues to grow, it aims to offer a comprehensive platform equipped with all the necessary tools for building generative AI applications.